Comparing home loan packages since 2009

At MortgageSENSE.com.sg, we provide FREE, NON-OBLIGATORY and UNBIASED comparison of all housing loan packages.

We are firm believers that you, our client, should “Maximise your Savings!”
As such, our comparison and consultancy services are 100% FREE. This is due to the referral arrangement with the banks and financial institutions.

We compare housing loan packages from:Confuse over which home loan packages are suitable for you? Call us for a free and non-obligatory consultancy.

Testimonials

In just a few clicks, I can compare all available mortgage loan packages. This save me a lot of time and energy. Thank you MortgageSENSE.
- Mr and Mrs Chew, Citylights condo

I can access to all banks home loan packages instantly. Not only I can also see my monthly installment amount, I can also see how much interest and principal I am paying for the next 3 years. This is amazing!
- Mr Lee, Watertown condo

Very knowledgeable team! Very detailed comparison which save me a lot of time. Most importantly, its FREE service. Wow!!!
- Lawrence, Hougang HDB

Understanding Home Loan

Maximum loan amount

Maximum Loan tenure

65 years - age of applicant = maximum loan tenure (capped at 30 years loan).

If loan amount is 60% (or less) of property valuation, you can take up to 35 years loan.

Home Loan Interest

There are 3 main type of home loan packages that determine your home loan interest rate. They are fixed, floating and Sibor/SOR home loan.

Scroll below for more details.

Different type of home loan packages

Fixed Rate

Banks/ financial institutions will state upfront the fixed interest rate for a number of years. The fixed rate is usually 1-3 years, followed by a floating rate.

Advantage:
Simple and straight forward.
Worry-free as it is not affected by the market conditions.

Disadvantage:
Interest rate is usually higher compared to a floating rate mortgage.
Generally, it comes with a lock-in period (Eg. 2 years fixed rate = 2 years lock in period).

Floating Rate (board rate)

Interest rate varies and is adjusted based on the banks/ financial institutions discretion. It is usually stated as Mortgage Board Rate – x%.

Advantage:
Interest rate is usually lower than fixed rate.

Disadvantage:
There is uncertainty as the rate is adjusted based on banks/financial institutions discretion.

Sibor/Sor

Sibor is the rate at which banks lend to one another in SGD. When it falls, so does the mortgage rate of Sibor-linked Mortgages. SOR rate represents the cost of borrowing SGD synthetically through borrowing USD and swap out in return for SGD for the same tenor.
Sibor/ SOR home loan rate are usually stated as 1month Sibor + x%, or 3months SOR + x%.

Advantage:
Transparency as Sibor/ SOR rates are made known to the public

Disadvantage:
Uncertainty as rate is adjusted based on market conditions.